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climate crisis
Capitalism Eating Itself by Fueling Climate Mayhem, Warns Capitalist
If humanity stays on current course, warns top insurer, the "financial sector as we know it ceases to function. And with it, capitalism as we know it ceases to be viable."
Apr 03, 2025
A veteran financial consultant and insurance executive is warning his fellow capitalists that their commitment to profits and market supremacy is endangering the economic system to which they adhere and that if corrective actions are not taken capitalism itself will soon be consumed by the financial and social costs of a planet being cooked by the burning of fossil fuels.
According to GüntherThallinger, a former top executive at Germany's branch of the consulting giant McKinsey & Company and currently a board member of Allianz SE, one of the largest insurance companies in the world, the climate crisis is on a path to destroy capitalism as we know it.
"We are fast approaching temperature levels—1.5C, 2C, 3C—where insurers will no longer be able to offer coverage for many" of the risks associated with the climate crisis, Thallinger writes in a recent post highlighted Thursday by The Guardian.
"Meanwhile in the real world—a capitalist declares that capitalism is no longer sustainable..."
With "entire regions becoming uninsurable," he continues, the soaring costs of rebuilding and the insecurity of investments "threaten the very foundation of the financial sector," which he describes as " a climate-induced credit crunch" that will reverberate across national economies and globally.
"This applies not only to housing, but to infrastructure, transportation, agriculture, and industry," he warns. "The economic value of entire regions—coastal, arid, wildfire-prone—will begin to vanish from financial ledgers. Markets will reprice rapidly and brutally. This is what a climate-driven market failure looks like."
Commenting on the Guardian's coverage of Thallinger's declaration, Dan Taylor, a senior lecturer in social and political thought at the Open University, said, "Meanwhile in the real world—a capitalist declares that capitalism is no longer sustainable..."
While climate scientists, experts, and activists for decades have issued warning after warning of the threats posed by the burning of coal, oil, and gas and humanity's consumption of products derived from fossil fuels, the insurance industry has been the arm of capitalism most attuned to the lurking dangers.
"Here go the radical leftist insurance companies again," said David Abernathy, professor of global studies at Warren Wilson College, in a caustic response to Thallinger's latest warnings.
Despite their understanding of the threat, however, the world's insurers have primarily aimed to have it both ways, participating in the carnage by continuing to insure fossil fuel projects and underwriting expansion of the industry while increasingly attempting to offset their exposure to financial losses by changing policy agreements and lobbying governments for ever-increasing protections and preferable regulatory conditions.
In the post, self-published to LinkedIn last week, Thallinger—who has over many years lobbied for a more sustainable form of capitalism and led calls for a net-zero framework for corporations and industries—warned of the growing stress put on the insurance market worldwide by extreme weather events—including storms, floods, and fires—that ultimately will undermine the ability of markets to function or governments to keep pace with the costs:
There is no way to "adapt" to temperatures beyond human tolerance. There is limited adaptation to megafires, other than not building near forests. Whole cities built on flood plains cannot simply pick up and move uphill. And as temperatures continue to rise, adaptation itself becomes economically unviable.
Once we reach 3°C of warming, the situation locks in. Atmospheric energy at this level will persist for 100+ years due to carbon cycle inertia and the absence of scalable industrial carbon removal technologies. There is no known pathway to return to pre-2°C conditions. (See: IPCC AR6, 2023; NASA Earth Observatory: "The Long-Term Warming Commitment")
At that point, risk cannot be transferred (no insurance), risk cannot be absorbed (no public capacity), and risk cannot be adapted to (physical limits exceeded). That means no more mortgages, no new real estate development, no long-term investment, no financial stability. The financial sector as we know it ceases to function. And with it, capitalism as we know it ceases to be viable.
In an interview earlier this year, Thallinger explained that failure to act on the crisis of a rapidly warming planet is not just perilous for humanity and natural systems but doesn't make sense from an economic standpoint.
"The cost of inaction is higher than the cost of transformation and adaptation," Thallinger said in February. "Extreme heat, storms, wildfires, floods, and billions in economic damage occur each year. In 2024, insured natural catastrophe losses surpassed $140 billion, marking the fifth straight year above $100 billion."
"Transitioning to a net-zero economy is not just about sustainability," he continued, "it is a financial and operational necessity to avoid a future where climate shocks outpace our ability to recover, straining governments, businesses, and households. Without decisive action, we risk crossing a threshold where adaptation is no longer possible, and the costs—human and financial—become unimaginable."
Thallinger's solution to the crisis is not to subvert the capitalist system by transitioning the world to an economic system based on shared resources, communal ownership, or a more enlightened egalitarian response. Instead, he proposes that a "reformed" capitalism is the solution, writing, "Capitalism must now solve this existential threat."
Calling for a reduction of emissions and a rapid scale-up of green energy technologies is the path forward, he argues, asking readers to understand "this is not about saving the planet," but rather "saving the conditions under which markets, finance, and civilization itself can continue to operate."
This disconnect was not lost on astute observers, including Antía Casted, a senior researcher at the Sir Michael Marmot Institute of Health Equity, who suggested concern over Thallinger's prescription.
"It would be fine if [the climate crisis] destroyed civilization and maintained capitalism," Casted noted. "They just need to find a way for capitalism to work without people."
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Greenpeace Protests EU Gas Imports That Empower 'Autocrats' and 'Political Bullies'
"Energy sovereignty through renewables is no longer just an environmental necessity, it is a matter of security," one campaigner said.
Mar 27, 2025
Carrying banners reading, "Their gas, your cash" beside images of U.S. President Donald Trump and Russian President Vladimir Putin, eight members of Greenpeace Belgium took to the sea on Thursday to protest the arrival of U.S. and Russian liquefied natural gas imports into the port of Zeebrugge, as part of a larger campaign to push the European Union to abandon fossil gas by 2035.
Greenpeace activists faced off against the U.S. Marvel Swallow on board the Greenpeace vessel the Arctic Sunrise, as well as in smaller inflatable boats, according to a statement. Greenpeace Belgium further reported on social media that the group also confronted a Russian gas tanker. The campaigners argued that, in addition to worsening the climate crisis, relying on methane gas imports for its energy puts the E.U. at the mercy of foreign strongmen.
"Autocrats like Putin fund their wars with gas revenues, while political bullies like Trump use their dominance as gas suppliers to pressure European countries economically and politically," Greenpeace Belgium spokesperson Joeri Thijs said from the Arctic Sunrise. "Meanwhile, families and communities struggle with soaring energy bills and extreme weather fueled by fossil gas. This dependence leaves us all vulnerable. Energy sovereignty through renewables is no longer just an environmental necessity, it is a matter of security."
❗ We’re in action RIGHT NOW. ❗ The Arctic Sunrise is currently confronting both a Russian and an American gas tanker set to Zeebrugge with fossil gas. We are here to say: our energy bill HAS TO STOP fueling Trump’s US nor Putin’s Russia. #StopFossilGas #TheirGasYourCash
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— Greenpeace Belgium (@greenpeace.be) March 27, 2025 at 7:35 AM
The protest comes roughly two months after Trump declared an energy emergency in the U.S. in a bid to increase fossil fuel production. While the U.S. emerged as the world's largest LNG exporter under former President Joe Biden, the Biden administration also paused approvals of new LNG exports while it conducted a study into their impacts. The results of that study, released in December, confirmed the warnings of climate advocates that sending LNG abroad would exacerbate the climate crisis and the local pollution burden of frontline communities while raising domestic energy prices.
After taking office, however, Trump promptly reversed the Biden pause, and, earlier this month, conditionally approved exports from Venture Global's controversial Calcasieu Pass 2 terminal in coastal Louisiana. There are now signs that European leaders may cave to Trump's desire to export more U.S. fossil gas in an attempt to avoid tariffs. The U.S. is already the leading fossil gas importer to the E.U., at 45% in 2024.
When it comes to Russian gas, the E.U. has had sanctions in place against Russia since it invaded Ukraine in February 2022, and launched a ban on the transshipment of Russian LNG at E.U. ports on Wednesday. Yet, the bloc has had a hard time weaning itself off of Russian gas—imports rose by 18% during 2024 as Russia became the its second-leading source of methane gas imports. The E.U. also spent more on Russian oil and gas than it delivered in aid to Ukraine.
"Europe's overreliance on fossil gas leads to rising energy bills, sickness, deaths, destruction of nature, and climate chaos."
"The E.U.'s dependence on fossil fuel imports, with all the problems that brings, can't be broken without a wholesale move to renewable energy and a clear commitment to phase out all fossil fuels, including fossil gas," Thomas Gelin, energy and climate campaigner at Greenpeace E.U., said in a statement. "The first step must be an immediate ban on all new fossil fuel projects in the E.U.; it's senseless to prepare for more fossil fuels than we need. No new pipelines, no new gas terminals, no half-measures: a ban on all new fossil fuel projects, pure and simple."
The E.U. has succeeded in curbing its gas demand by 20% between 2021 and 2024, and overall imports fell by 19% last year. Greenpeace is calling on the bloc to build on that success with a ban on all new fossil fuel projects, a ban on investments in fossil fuels, and a phaseout of fossil gas by 2035. An open letter to member countries making these demands has been signed by over 81,000 people.
"Europe's overreliance on fossil gas leads to rising energy bills, sickness, deaths, destruction of nature, and climate chaos," the letter reads. "Fossil gas is a dirty, deadly fossil fuel like oil and coal. This is why the European Union and its member states must act now and #StopFossilGas and all other fossil fuel projects before it's too late."
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'Travesty of Justice': Jury Finds Greenpeace Must Pay Over $660 Million in Dakota Access Pipeline Case
"We will not be silenced," the green group said in response to the verdict.
Mar 19, 2025
Climate campaigners swiftly sounded the alarm on Wednesday after a North Dakota jury awarded Energy Transfer and its subsidiary more than $660 million in the fossil fuel giant's case targeting Greenpeace for protests against the Dakota Access crude oil pipeline.
While Energy Transfer called the verdict a "win... for the people of Mandan and throughout North Dakota," environmentalist Jon Hinck condemned it as a "travesty of justice."
Hinck and others argue the case against Greenpeace International and two of its entities in the United States is a strategic lawsuit against public participation (SLAPP) intended to intimidate opponents of climate-wrecking fossil fuel projects.
OUTRAGE: A Big Oil-stacked jury just sided with corporate power, slapping Greenpeace with millions in damages for standing with Indigenous water protectors against DAPL. This is a dangerous attack on the right to protest, but the fight is not over. apnews.com/article/gree...
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— Center for Constitutional Rights ( @ccrjustice.org) March 19, 2025 at 6:04 PM
"This case should alarm everyone, no matter their political inclinations," saidSushma Raman, interim executive director of Greenpeace's U.S. entities, in a statement. "It's part of a renewed push by corporations to weaponize our courts to silence dissent. We should all be concerned about the future of the First Amendment, and lawsuits like this aimed at destroying our rights to peaceful protest and free speech. These rights are critical for any work toward ensuring justice—and that's why we will continue fighting back together, in solidarity. While Big Oil bullies can try to stop a single group, they can't stop a movement."
As The New York Timesreported Wednesday:
Greenpeace had maintained that it played only a minor part in demonstrations led by the Standing Rock Sioux Tribe. It had portrayed the lawsuit as an attempt to stifle oil industry critics, but a jury apparently disagreed.
The nine-person jury in the Morton County courthouse in Mandan, North Dakota, about 45 minutes north of where the protests took place, returned the verdict after roughly two days of deliberating.
Addressing the legal loss on social media, Greenpeace International vowed that "we will not be silenced."
🚨BREAKING🚨 The trial verdict is in. A jury in the Morton County courthouse found Greenpeace International and two Greenpeace entities in the United States liable for over US$ 660 million combined in Energy Transfer’s meritless SLAPP lawsuit. #WeWillNotBeSilenced
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— Greenpeace International 🌍 ( @greenpeace.org) March 19, 2025 at 5:39 PM
Greenpeace International executive director Mads Christensen echoed that sentiment and pointed to U.S. President Donald Trump's second term as a danger to people and the planet. As the advocacy leader put it: "We are witnessing a disastrous return to the reckless behavior that fueled the climate crisis, deepened environmental racism, and put fossil fuel profits over public health and a livable planet. The previous Trump administration spent four years dismantling protections for clean air, water, and Indigenous sovereignty, and now along with its allies wants to finish the job by silencing protest."
Asked by The Associated Press if Greenpeace plans to appeal just after the verdict, senior legal adviser Deepa Padmanabha said, "We know that this fight is not over."
While the case has sparked fears that a loss in court could end Greenpeace, Padmanabha told AP that the globally known group's work "is never going stop." The adviser added, "That's the really important message today, and we're just walking out and we're going to get together and figure out what our next steps are."
I hate it here. www.nytimes.com/2025/03/19/c...
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— Dr. Genevieve Guenther (she/they) (@doctorvive.bsky.social) March 19, 2025 at 4:19 PM
An independent trial monitoring committee said in a statement that the verdict "reflects a deeply flawed trial with multiple due process violations that denied Greenpeace the ability to present anything close to a full defense."
Marty Garbus, a longtime First Amendment lawyer who is part of the committee, said: "In my six decades of legal practice, I have never witnessed a trial as unfair as the one against Greenpeace that just ended in the courts of North Dakota. This is one of the most important cases in American history."
"The law that can come down in this case can affect any demonstration, religious or political. It's far bigger than the environmental movement. Yet the court in North Dakota abdicated its sacred duty to conduct a fair and public trial and instead let Energy Transfer run roughshod over the rule of law," he added. "Greenpeace has a very strong case on appeal. I believe there is a good chance it ultimately will win both in court and in the court of public opinion."
Greenpeace International general counsel Kristin Casper later said in a statement that "Energy Transfer hasn't heard the last of us in this fight. We're just getting started with our anti-SLAPP lawsuit against Energy Transfer's attacks on free speech and peaceful protest. We will see Energy Transfer in court this July in the Netherlands."
As the
Times detailed, the global group "this year had countersued Energy Transfer in the Netherlands, invoking a new European Union directive against SLAPP suits as well as Dutch law."
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